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Press Release

Cleveland Fed Launches First Vice President Search

The Federal Reserve Bank of Cleveland today announced that it has begun the search for the Bank’s new first vice president and chief operating officer.

The first vice president and chief operating officer is the second-ranking official of the Cleveland Reserve Bank, with responsibility for overseeing a broad range of services to financial institutions, the U.S. Treasury, and other stakeholders. The position also directs the Bank’s operations and risk management, has executive oversight of the Transforming Tax Collections program, and is accountable for fostering a corporate culture that embraces diversity, equity, inclusion, and opportunity.

Gregory L. Stefani, who has served as first vice president and chief operating officer with the Cleveland Fed since 2011, announced in May that he plans to retire from the Bank by January 31, 2022.

Dwight Smith, chair of the Bank’s board of directors, said, “As Greg demonstrated during his exemplary tenure, the position of first vice president and chief operating officer can make an enormous difference in helping the Cleveland Fed achieve its strategic priorities on behalf of the American public. As chair of the search committee, I pledge that the selection process will cast a wide net for the best candidate to serve in this important post.”

Loretta J. Mester, Cleveland Fed president and chief executive officer, said, “Greg has given outstanding service to the Bank and the System. The new first vice president and chief operating officer will be stepping into a role that is poised to raise the organization to the next level. I’m confident that through this careful nationwide search, we will identify the right leader to deliver on our public service mission.”

A search committee comprising five members of the Bank’s board of directors has been formed to lead the effort. Class B and Class C directors – those unaffiliated with regulated banks or financial institutions – are eligible to participate in the selection of a Federal Reserve Bank first vice president, consistent with the Federal Reserve Act.

The members of the board’s search committee are:

  • Dwight Smith, president and chief executive officer, Sophisticated Systems, Inc., Columbus, Ohio. Smith is also chair of the Cleveland Fed board of directors and will serve as search committee chair.
  • Doris Carson Williams, president and chief executive officer, African American Chamber of Commerce of Western Pennsylvania, Pittsburgh, Pennsylvania.
  • Heidi Gartland, chief government and community relations officer, University Hospitals, Cleveland, Ohio.
  • David Megenhardt, executive director, United Labor Agency, Cleveland, Ohio.
  • Valarie Sheppard, retired controller and treasurer, group vice president, company transition leader, the Procter & Gamble Co., Cincinnati, Ohio.

Bridge Partners, a minority-owned firm dedicated to an inclusive search process for senior leaders, has been retained to support the board’s search committee. The full job description can be found here.

There is no set timeline for the search. The search committee looks forward to a thorough and efficient selection process to identify the best person for the job. The final candidate will then be appointed by the Class B and Class C directors in concurrence with the Federal Reserve Board of Governors.

For questions about this role and the application process, contact Tory Clarke.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.218.1892